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Stolen or damaged property? It may be covered by your homeowners insurance

| Jan 27, 2021 | Residential Homeowner's Insurance Litigation

If your home is vandalized, one of the things you’ll want to do is to make a homeowners insurance claim. Most insurance policies will cover damages that are caused by vandalism or other kinds of mischief by a third party. 

Whether your property was stolen or damaged, the insurance policy should cover it. However, there is a possibility that the insurance company could deny your claim. They may suggest that this is a case of fraud, or they might claim that they do not offer the kind of coverage you’re asking for. In some cases, a claim may be approved but not compensate you enough for the damage or missing items.

What do you do if your insurance isn’t paying out what it should?

People pay for insurance because they expect their losses to be covered. Insurance is supposed to fulfill its obligations based on the contract and policy limits assigned. 

If your contract allows for up to $500 in coverage for missing property and your missing item was worth $1,000, it would make sense to only receive a portion of its value through insurance. However, a lower-cost item should be covered in full. Some companies will attempt to pay less because of depreciation or average sales prices for certain items, but if you keep your receipts, you’ll be better able to prove your true losses.

If you face a rejected insurance claim, remember that you can ask your attorney to step in. They can negotiate with the insurance company to help you get the coverage that you deserve after paying so much in premiums. 

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